30 June 2010
Sound Oil plc
("the Company" or "Sound Oil")
AGM result and Board changes
The Board of Sound Oil plc announces with immediate effect, a Board re-structuring to provide greater flexibility for the future. The Board will now comprise Gerry Orbell, who will remain Chairman and Chief Executive, and Ilham Habibie and Michael Nobbs, who will remain non executive directors. Patrick Alexander, a non executive Director based in Indonesia, will step down from the Board, as will Finance Director Tony Heath and Jusuf Rachmantio, CEO of Sound Oil's Indonesian companies.
An executive management team will now report to the Board comprising Jusuf Rachmantio who remains CEO of our Indonesian companies, Tony Heath who becomes Chief Financial Officer, Mick Cope, the Company's Head of Exploration and Gerry Orbell.
During the coming months the Board intends to make one or two additional non executive appointments.
Commenting Gerry Orbell said, "The Board would like to thank those directors who are stepping down for their commitment to the Company and for their efforts on its behalf. The Company would like to especially thank Patrick Alexander (who will be devoting more time to his other business interests in the Far East) who was instrumental in setting up the original Indonesian company and whose subsequent advice has been of great value to the Board."
As a result of the re-structuring, Patrick Alexander did not offer himself for re-election at the Company's annual general meeting ("AGM"), held earlier today, as had been indicated in the notice of AGM. All other proposed resolutions were duly passed.
For further information on the Company please visit www.soundoil.co.uk
Gerry Orbell, Chairman
Smith & Williamson Corporate Finance - Nomad
020 7131 4000
Evolution Securities - Joint Broker
020 7071 4300
Religare Capital Markets - Joint Broker
020 7382 7776
020 7466 5000